Applying the Lower of Cost or Market to Each Item

question 149

Essay

Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items?​ $$\begin{array} { | c | c | c | c | c | c | } \hline \text { Item } & \begin{array} { c } \text { Inventory } \\\text { Quantity }\end{array} & \begin{array} { c } \text { Cost per } \\\text { Unit }\end{array} & \begin{array} { c } \text { Market } \\\text { value per } \\\text { Unit }\end{array} & \begin{array} { c } \text { T otal } \\\text { Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Market }\end{array} \\\hline \text { A } & 300 & \$ 15.00 & \$ 14.50 & \$ 4,500 & \$ 4,350 \\\hline \text { B } & 200 & 14.00 & 15.00 & 2,800 & 3,000 \\\hline \text { C } & 100 & 17.00 & 17.50 & 1,700 & 1,750 \\\hline\end{array}$$

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Definitions:

Somatosensory Cortex

A part of the brain responsible for processing sensory information from the body, including touch, temperature, pain, and body position.

Corpus Callosum

A thick band of nerve fibers that divides the cerebral cortex lobes into left and right hemispheres and enables communication between them.

Hippocampus

A major component of the brain, crucial for memory formation and spatial navigation, located in the medial temporal lobe.

Temporal Lobes

Regions of the cerebral cortex responsible for processing auditory information and are involved in the understanding of language and the storage of long-term memories.